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Financial Aid Bases

The largest source of financial aid in the United States of America; including scholarships, grants, and loans.

Financial Aid- Grants or scholarship, loan or paid  employment offered to help a student meet his/her college expenses.

Financial aid is distributed based on financial need, and financial information related to both the student and parents. Which determines the amount of money given to the student towards college tuition expenses.

College aid formulas expect parents to contribute up to 47% of their after-tax income to college costs each year.

Fafsa - application process for Financial Aid

Requirements-

1. Be a citizen or eligible noncitizen of the United States

1. Have a valid Social Security Number. (Students from the Republic of the Marshall Islands, Federated States of Micronesia, and the Republic of Palau are exempt from this requirement.)

2. Have a high school diploma or a General Education Development (GED) certificate, or have completed homeschooling. If you don’t, you may still be eligible for federal student aid if you were enrolled in college or career school prior to July 1, 2012.

1. Be enrolled in an eligible program as a regular student seeking a degree or certificate.

2. Maintain satisfactory academic progress.

3. Not owe a refund on a federal student grant or be in default on a federal student loan.

4. Register (or already be registered) with the Selective Service System, if you are a male and not currently on active duty in the U.S. Armed Forces.

5. Not have a conviction for the possession or sale of illegal drugs for an offense that occurred while you were receiving federal student aid (such as grants, work-study, or loans). If you have such a conviction, you must complete the Student Aid Eligibility Worksheet to determine if you are eligible for aid or partially eligible for aid.

Efc (Estimated Family Contribution)- The amount of money that a student’s family is expected to contribute to college cost for one year.

How financial aid is distributed

Ex: The total family income for Micah’s family is $51,000. The family has less than $100,000 in assets and Micah personally has $3,000 in assets. His estimated cost of attendance is  $67,613 and his financial need is calculated to be $64,163. For financial aid, he would receive a grant of $61,663. The federal work study determines that he can make $2,500 by working 10 hours a week at an on campus job.

Making too much for financial aid

Ex.  if two families each have household incomes of $140,000 and one family’s child attends a state university at a cost of $20,000 per year, while the other student attends a private college costing $54,000 per year, the student attending the “expensive” private college will qualify for need-based financial aid and the child attending the state university will not.

How to qualify for financial aid

The government calculates your financial need based on the information you provide on the FAFSA

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Cancer for College
Cancer for College provides one-time and recurring scholarships to current and former cancer patients.
Athletic scholarships -Of schools with a NCAA affiliation, only Division I and Division II schools may offer athletic scholarships. Division III schools — the most prestigious institutions — are precluded from offering athletic scholarships.
Community service- The award is $1,000 and is renewable for all 4 years of college

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These savings plans begin when a child is first born and parents want to save up money for their children so that they could attend college. Most of these accounts rely on compounded interest, as they want their money to grow over time until their child is off to college. Some example would be putting money on a CD or an investment plan. Parents also benefit as well, as they can get tax reductions and benefits.

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- For Public and private groups
- Based  on academic performance
-To be qualified for some scholarships your SAT or ACT scores have to be pretty good.
- Other scholarships are based off extracurricular activities, financial need, majoring studies, and community service.

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When paying for college you have to pay for room, board, and many more. An average tuition for college at a private university is $32,405 and a normal college textbook cost about $200. All of these cost can add up so when going to college you and your parents should have a payment plans.

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The Tuition Prepayment Plan (TPP) is offered to Dartmouth students and families as a way to prepay undergraduate tuition. By prepaying undergraduate tuition, families will be exempt from future tuition increases for the duration of their plan.

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a tax-advantaged investment vehicle in the United States designed to encourage saving for the future higher education expenses of a designated beneficiary.

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"An education savings plan that offers tax advantages." Parents and guardians are allowed to make nondeductible contributions to an education ira for a child under 18. Many parents start the account when the child is a baby the child. Can only access the account when they are ready for college it is now called coverdell ESA. - Rachel group 2

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-Are like Scholarships
- Some Grants, such as federal Pell grants and Supplemental Education Opportunity grants, are awarded for "exceptional financial need"
-Given to students belonging to a certain ethnic group, club or civic organization
-The armed forces offer aid in return for military service after graduation
-Grant- monetary award is given by the federal, state or local government to an eligible student for educational expenses and without the expectation of repayment
-Pell Grant- money for post-secondary education that does not have to be repaid and is awarded to eligible students based on financial need
-Supplemental Educational Opportunity Grant (SEOG)- need-based grants awarded to low-income undergraduate students to finance the costs of post-secondary education
Work-study-program that provides students with part-time jobs while in school in order to subsidize the cost of education
-Grants can be received as part of the aid package
-A Pell Grant can be awarded for up to $5,550 but the awards vary depending on need, the cost of the school attended and whether or not a student attends a full or part time.
-Pell Grant can be receiver for up to 12 semesters (6 years)
Work Study is another part of many students financial aid packages. Part-Time jobs are provided for students at the school, public agency or at a nonprofit organization.
Students are paid minimum wage for the hours worked and the money is paid to the student.
These funds can be used to pay for tuition and living expenses

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- total cost of attendance: the price to attend college for a year including tuition, room/ board, and books and fees
- Education IRA: an education savings plan that offers tax advantages
- 529 Account- higher education savings plan where the funds can be withdrawn tax free when they are used for educational purposes
-Tuition prepayment- state program in which families can purchase tuition-credits at their present price and use the credits in the future when tuition costs have most likely increased